Lithium-ion Battery Pack Market: Introduction
- Lithium-ion battery packs are rechargeable batteries with high-energy density. These are primarily used in portable equipment.
- Lithium-ion battery packs are also employed in the renewable energy sector for stationary energy storage purpose. Demand for these batteries is expected to rise in the near future owing to growth in the renewable energy sector due to the increase in technological advancements in solar and wind power segments, supportive government policies, and increase in interest of investors in renewable power. Hence, companies across the globe are now investing more in lithium-ion battery packs.
Key Drivers and Restraints of Global Lithium-ion Battery Pack Market
- Increase in demand for lithium-ion battery pack owing to their extensive use in automobile, defense, aerospace, and consumer electronics products is driving the lithium-ion battery pack market. Application of lithium-ion batteries in the automotive sector improves efficiency and reduces maintenance cost of vehicles. Rise in usage of lithium-ion batteries in aerospace and defense industries, due to its long life vis-à-vis lead acid batteries, is driving the lithium-ion battery pack market.
- Increase in environmental awareness is expected to drive the global lithium-ion battery pack market during the forecast period. Demand for battery operated vehicles has been rising since the last few years. It is expected to rise further during the forecast period. Various initiatives taken by governments and companies to increase the awareness regarding use and benefits of electrical vehicles (EVs) are propelling the lithium-ion battery pack market.
- High manufacturing cost of lithium-ion battery pack is major factor restraining the global market. Lack of infrastructure is likely to hamper the lithium-ion battery pack market in the near future.
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Global Lithium-ion Battery Pack Market: Segmentation
- The global lithium-ion battery pack market can be segmented based on type, Shape, and end-user
- In terms of type, the lithium-ion battery pack market can be segmented into lithium cobalt oxide, lithium titanate, lithium iron phosphate, lithium nickel manganese cobalt oxide, lithium magnesium oxide, lithium nickel cobalt aluminum oxide, and others. Lithium cobalt oxide is expected to remain a prominent segment of the market during the forecast period owing to the increase in demand for these in various industries.
- In terms of shape, the lithium-ion battery pack market can be segregated into prismatic, cylindrical, and others. The prismatic segment is estimated to expand at a substantial pace during the forecast period, due to the rise in demand for these in industries such as automotive, military, and aerospace.
- Based on end-user, the market can be classified into automobile, aerospace, defense, energy, electronics, and others. The automobile sector is expected to expand at a rapid pace during the forecast period, due to high demand for battery operated vehicles in the sector. Increase in awareness about environmental issues and stringent government rules and regulations have compelled companies to adopt new environment-friendly technologies. Thus, the global lithium-ion battery pack market is expected to expand during the forecast period.
Global Lithium-ion Battery Pack Market: Regional Segmentation
- Based on region, the global lithium-ion battery pack market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- The market in Asia Pacific is expected to expand rapidly due to continuous development in consumer electronics and automotive sectors. Rise in spending capacity of consumers in countries such as China and India due to rapid urbanization and industrialization is driving the demand for automobile and consumer electronics. This is anticipated to drive the lithium-ion battery pack market during the forecast period.
- The market in North America is projected to expand significantly during the forecast period due to rapid increase in infrastructure and industrialization in the U.S. and Canada. The U.S. is a major player in automobile, military, and aerospace manufacturing sectors across the globe. The country is estimated to dominate the market in the region in the near future.
- Implementation of strict environmental rules regarding carbon emission in Europe is likely to create lucrative opportunities for the lithium-ion battery pack market. Rise in environmental issues in Europe has led to increase in manufacture of electric vehicles to control carbon emission in the automotive sector.
- The market in Latina America and Middle East & Africa is estimated to expand at a steady pace during the forecast period
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Key Players Operating in the Lithium-ion Battery Pack Market:
- Romeo Systems, Inc
- Excell Battery Co.
- Shenzen Red Dragon Ltd.
- Total Battery Solutions Ltd
Global Lithium-ion Battery Pack Market: Research Scope
Global Lithium-ion Battery Pack Market, by Type
- Lithium Cobalt Oxide
- Lithium Magnesium Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Nickel Cobalt Aluminum Oxide
- Lithium Titanate
Global Lithium-ion Battery Pack Market, Shape
- Coined Shaped
Global Lithium-ion Battery Pack Market, End-user
Global Lithium-ion Battery Pack Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.